MIAMI BEACH, Fla., Nov. 3, 2011 /PRNewswire/ -- Michael Capponi, one of Miami Beach's most prominent entrepreneurs has sold 1620 W 21 Street on Sunset Island #4 today for $5.175 million – nearly $900 per sq.ft. This sale marks the highest price point on the island since 2007, a clear sign of the turnaround in the Miami Beach luxury real estate market.
Purchased by Mr. Capponi and Capponi Properties in February 2005 for $2.3mil, the property underwent a complete reconstruction in 2007. Spearheaded by Capponi Construction Group, the final product featured 5 bedrooms, 7 baths, and over 6,000sq.ft of interior space on an 8,700sq.ft lot.
Listed by Dina Goldentayer and Sladja Stantic of The DS Team in March 2011 for $5.150 million, the transaction was completed within a 10 day period from Contract to Closing Date. With this sale, The DS Team nears the $50 million mark in closed sales in 2011.
The Italian-inspired Villa draped in marble on the exterior exuded European glamour throughout. "When you build the right product with the right style you create a uniqueness factor that commands a premium," Capponi states. Listing agent, Dina Goldentayer says, "I saw jaws drop when buyers stepped foot on the spectacular rooftop terrace," which was inspired by Michael's years of experience in the entertainment industry.
Capponi Construction Group's current residential projects include a 25,000sq.ft, 2.5 acre estate on Pinetree Drive, and the restoration of one of North Bay Road's most prestigious homes. Its latest commercial ventures are the construction of a 500,000sq.ft Hotel and Mixed-Use development in Hollywood Beach, as well as Azure, soon to be one of South Beach's trendiest restaurants. Capponi Construction is operated by President and CEO Kenneth J. Gross, formerly of WCI Communities and Bovis. In the past 40 years, Mr. Gross has supervised over $2.5 billion in construction projects in South Florida.
In addition to Real Estate development, the Capponi Group has a long-standing commitment to philanthropic causes. Its most notable recent ventures are the construction of a homeless shelter for the Miami Rescue Mission, and a one-of-a-kind resort in Jacmel, Haiti to help create a self-sustainable tourism industry for the country.
SOURCE Capponi Group